Finally Sony Computer Entertainment Inc. announces the official name, complete specs and price of the next generation portable gaming device formerly known as PSP2 and NGP (Next Generation Portable). Watch the demo reel after the jump.

PRESS RELEASE: Sony Computer Entertainment Inc. (SCE) announced PlayStation Vita (PS Vita) (PCH-1000 series) as the official platform name for the next generation portable entertainment system at E3 2011. With an RRP of €249 ($364) for the Wireless model and €299 ($438) for the Wireless/3G version, PS Vita will launch in the global market starting at the end of 2011.

"Vita", which means "Life" in Latin, was chosen as the most appropriate name for the next generation portable entertainment system as it enables a revolutionary combination of rich gaming and social connectivity within a real world context as SCE aims to transform every aspect of a user's daily life into an entertainment experience and an opportunity to play.

Platform Name: PlayStation Vita
Model number: PCH-1000 series
CPU: ARM Cortex-A9 core (4 core)
GPU: SGX543MP4+
External Dimensions: Approx. 182.0 x 18.6 x 83.5mm (width x height x depth) (tentative, excludes largest projection)
- 5 inches (16:9), 960 x 544, Approx. 16 million colors, OLED
- Multi touch screen (capacitive type)
Rear touch pad: Multi touch pad (capacitive type)
- Front camera
- Rear camera
- Frame rate: 120fps@320x240(QVGA), 60fps@640x480(VGA)
- Resolution : Up to 640x480(VGA)
- Built-in stereo speakers
- Built-in microphone
- Six-axis motion sensing system (three-axis gyroscope, three-axis accelerometer)
- Three-axis electronic compass
- Built-in GPS (3G/Wireless model only)
- Wireless location service support
- PS button
- Power button
- Directional buttons (Up/Down/Right/Left)
- Action buttons (Triangle, Circle, Cross, Square)
- Shoulder buttons (Right/Left)
- Right stick, Left stick
- START button, SELECT button
- Volume buttons (+/-)
- Mobile network connectivity (3G/Wireless model only)
- IEEE 802.11b/g/n (n = 1x1)(Wi-Fi) (Infrastructure Mode/Ad Hoc Mode)
- Bluetooth 2.1+EDR （A2DP/AVRCP/HSP）
- PlayStation Vita card slot
- Memory card slot
- SIM card slot (3G/Wireless model only)
- Multi-use port (for USB data communication, DC IN, Audio [Stereo Out / Mono In], Serial data communication)
- Headset jack (Stereo mini jack) (for Audio [Stereo Out / Mono In])
- Accessory port
- Built-In Lithium-ion Battery,
- AC adaptor
- Music: MP3 MPEG-1/2 Audio Layer 3、MP4 (MPEG-4 AAC)、WAVE (Linear PCM)
- Video: MPEG-4 Simple Profile (AAC)、H.264/MPEG-4 AVC Hi/Main/Baseline Profile (AAC)
- Photo: JPEG (Exif 2.2.1), TIFF, BMP, GIF, PNG

Wow this device looks better than I expected.  Maybe this is definitely the time to retire my PSP and grab this next generation portable when it comes out by the end of the year.  What do you think guys?  Did PSVita impressed you?  Hit the comments for your insights and reactions.